Call us now:
It’s positive to see that cyberinsurance is a consideration for organisations in these difficult times, and pricing start to stabilize. One fears however that industry is in for a shock as cyber regulation gets added to the statute books in the U.S, EU and APAC.
The introduction of cyber regulation changes the cybersecurity risk transfer equation. Cyber insurance was for many organisations the main and often only tool used to manage cyber risk. Cyber regulation changes this, requiring covered organisations to demonstrate that they are managing cybersecurity risks. Pushing cyber risk regulation into the board rooms and onto the balance sheets of covered entities, and away from insurers.
Cyber regulation creates challenges. It’s a risk that is expensive to manage, in a market without cyber resources; a risk that is not fixed with software alone and a risk that affects horizontal and vertical supply chains; its a risk that cyber insurance does not fully address. Cyber regulation comes with legal and compliance risk. Regulatory enforcement programs are being tested in court and appear to be placing compliance penalties directly on board members and security professionals.
We wrote the board governance program to educate boards and leadership team on cybersecurity risk management, and implement governance, oversight and assurance. It is based on a well tested Cybersecurity Risk Management Target Operating Model and international cybersecurity and risk management standards. (Summary : https://lnkd.in/e-xC3qAR)
Ted Dziekanowski
#cybersecurity #cyberriskmanagement #cyberinsurance #cyberlegal #cyberegulation
View Original Post
https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7027184550455693312